Mt. Gox Will Start Repayments Next Month
The now-defunct Bitcoin exchange Mt. Gox announced on Monday that it will finally begin the process of returning stolen assets to clients who were affected by a 2014 hack.
Despite initially setting several deadlines, the exchange has continuously delayed the distribution of assets. In a statement on the Mt. Gox website, trustee Nobuaki Kobayashi stated that the repayments will be made in Bitcoin and Bitcoin Cash starting in July 2024.
However, steps will need to be taken to ensure the safety of the payments before they can be completed.
Many traders believe that these repayments will put added pressure on the Bitcoin market, as early investors will receive assets worth significantly more than what they initially invested before 2013. This may lead them to sell at least a portion of their holdings.
At its peak, Mt. Gox was the largest crypto exchange, handling over 70% of all Bitcoin transactions. However, in early 2014, it was the victim of a hack in which an estimated 740,000 Bitcoins were stolen.
